Problema Solution
Find the amount of simple interest on a loan of $2,500 at 4.44% interest for 12.75 months. (Round to the nearest cent)
Answer provided by our tutors
P = $2500
r = 0.0444 or 4.44%
t = 12.75 months = 12.75/12 years
I = simple interest
I = P*r*t
I = 2500*0.0444*(12.75/12)
I = $117.94
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